Could Ethereum Break Its Record High Soon?

Ethereum (ETH) jumped 25% last week and could go much higher very soon, with some analysts predicting a new record high for the cryptocurrency.

This token is currently at $3,794 (ETH/USD), down 2.12% from Tuesday. This price point is just 28.9% away from its previous all-time high, which is $4,891. It is not out of the question to think that Ethereum could pass that mark in the very near future, as early as June, according to some analysts.

Ethereum remains the second highest ranking cryptocurrency, behind Bitcoin (BTC), which is also close to its all-time high. The crypto market is certainly elevated right now, and that is cause for considerable speculation about where the major coins might end up in the next month or so and if the market might look very different soon.

Over the past week, Ethereum has gained 1.86%, so the recent drop does not hurt its chances of climbing higher. It has held onto its gains and has a solid support level from which to launch the next bullish run.

Will Ethereum Surge Soon?

When looking at ETH’s chances of hitting a new all-time high or going bullish, we have to look outside of how this coin is performing on its own. The wider market shows an upward trend right now. As well, spot ether ETFs have just been approved by the United States Securities and Exchange Commission. That has buoyed the market and specialty Ethereum.

We have to consider the state of the economy and specifically inflation as well. Inflation is still high, and the FOMC members will be speaking n that this week. We should have more economic data soon from the Richmond Manufacturing Index and the Beige Book reports.

Also worth considering is the state of the US dollar, which recently rebounded and could help lift the crypto market with its decent growth. All of these factors give us a mixed outlook for Ethereum. We will have to wait and see what the economic data shows this week, as that will certainly impact Ethereum’s chances for growth in the short term.